SingPost’s Australian Logistics Business Divestment Not Affected by Executive Firing
The proposed divestment by Singapore Post (SingPost) of its Australian logistics business is not affected by SingPost’s recent firing of its three senior executives, the buyer Pacific Equity Partners (PEP) told The Business Times on Tuesday (Dec 24).
Question of Scuttling the Transaction
The question of whether the transaction could be scuppered by the sacking that included group chief executive officer Vincent Phang has been raised since the announcement on their sudden exits.
PEP’s Confirmation
A PEP spokesperson told BT in response to queries: “PEP can confirm that the proposed acquisition of Freight Management Holdings (FMH) is on track as announced on Dec 2.”
Conclusion
The proposed divestment of SingPost’s Australian logistics business is moving forward as planned, despite the recent firing of its senior executives. PEP has confirmed that the transaction is on track, and there is no indication that the executive shake-up will affect the deal.
FAQs
Q: Is the divestment of SingPost’s Australian logistics business affected by the firing of its senior executives?
A: No, the divestment is not affected by the executive firing.
Q: Has PEP confirmed the status of the transaction?
A: Yes, PEP has confirmed that the proposed acquisition of Freight Management Holdings (FMH) is on track as announced on Dec 2.
Q: What is the current status of the divestment?
A: The divestment is moving forward as planned, with no indication that the executive shake-up will affect the deal.
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